In Industry Insights, Industry Insights, Jon's Blog

Number 1 – Analyse the business, its risks and compliance gaps – if changes are required prioritise the high risk areas.

Number 2 – Write a compliance plan and agree it at top level.

Number 3 – Consider entering into Compliance Officer Agreements with indemnities and amending COLP and COFA job descriptions as well as employment contracts.

Number 4 – Speak to the firm’s broker about COLP and COFA insurance.

Number 5 – Give unequivocal backing to Compliance Officers and agree resourcing requirements and budgets.

Number 6 – Become an authority on the SRA Handbook 2011 (COLP), the SRA Accounts Rules 2011 (COFA) and other relevant legislation – there are plenty of training events and webinars available – visit for more information.

Number 7 – Review and update the office manual and other relevant policies and procedures.

Number 8 – Set up suitable data capture and recording systems. If planning to use software get demonstrations from suppliers to ensure they fit with existing systems and work methods.

Number 9 – Set up risk-management system involving regular top level review of the risk register.

Number 10 – Train staff on the requirements of putcomes-focused regulation, their internal reporting duties and any changes made to systems, policies and procedures.



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